An analytics platform for the debt capital markets 9fin, based in London, has announced a $23 million Series A+ round of funding.
The round was led by a new investor Spark Capital with existing investors Redalpine, AI Seed, Seedcamp, 500 Startups, and Ilavska Vuillermoz Capital also participating. Alex Finkelstein, general partner of Spark Capital, will join the board of 9fin.
The additional funding will be used to grow the 9fin team, increase its market share in the US, and introduce new asset classes to its offering.
Through its data, news, and predictive analytics platforms, 9fin aims to organize the world’s leveraged financial information and make it accessible and usable. 9fin is the quicker, smarter method to access leveraged finance intelligence, centralizing everything required to analyze a credit or win a mandate in one location using patented machine learning and computer vision.
Including early investments from Fly Ventures and several high-net-worth individuals, such as Indeed co-founder Paul Forster and MMC Ventures co-founder Alan Morgan, 9fin has so far raised close to $37 million in total capital.
The company’s clientele has more than doubled since 2021, and it has tripled its team size and quadrupled its ARR. Steven Hunter, the CEO, and Co-Founder has announced the opening of a new office in NYC, which will be fueled by 9fin’s recent success, customer demand, and new funding.
We didn’t intend to seek money, but Alex and the Spark team were really enthused about the company when we chatted with them, and their working style and culture matched us perfectly. Therefore, we decided to raise on an as-needed basis and forward our US GTM timeframe,” said Steven Hunter.
Steven continued, “Our platform has had tremendous success in Europe, and we are excited to grow in the US. With this round, we expect to hire more than 70 people for our US team, with positions in sales, legal, and credit being added.”
The platform provided by 9fin makes it simple to search, filter, and analyze extremely complicated data. helping subscribers save time, perform better than their competitors, and earn business.
In addition to nine of the top ten investment banks, four of the top five distressed debt advisors, 80% of European HY Sales & Trading desks, and four of the top six law firms in the debt capital markets, the company presently supports over 60 customers.
Since the 1980s, debt capital market teams have analyzed data in the same manner. The distribution of information about companies that borrow debt is sluggish, unorganized, and opaque, according to Finkelstein. “Steven, Hussam, and the 9fin crew are modernizing a sector that is in dire need of it. We’re eager to watch them take on the US and continue developing with new clients because they’ve come so far from their London location.
Partner at Redalpine Aleksandra Laska continued, “Since we invested last year, we’ve watched 9fin grow even stronger. They have added some exceptional talent to their team and produced impressive revenue growth and product developments. We are thrilled to continue to help them as they carry out the next phase of their ambition since they are in a strong position to do so.
Image Credit: 9fin